Swiss banks, thanks to their legal mandate for maintaining secrecy, have gained a notorious reputation over the years in favouring politically exposed persons (PEPs) to deposit their loot in such banks.

Now, the good news is that Switzerland is 'poised to become an example of one of the most forward-leaning countries in the quest to return stolen assets to developing countries'.

The Swiss Parliament, it may be noted, passed a new law in February 2011. Termed as the Restitution of Illicit Assets Act (RIAA), this law has the potency to make and mar the reputation of several PEPs across continents.